Companies

Bajaj Auto Q3 net profit down 5.27% at Rs 976.82 cr

PTI New Delhi | Updated on January 12, 2018 Published on January 31, 2017

Bajaj Auto Ltd today reported 5.27 per cent decline in consolidated net profit at Rs 976.82 crore for the third quarter ended December 31, 2016, as sales declined across domestic as well as export markets.

The company had posted a consolidated net profit of Rs 1,031.17 crore in the same quarter of the last fiscal.

Total income from operations during the quarter under review declined by 9 per cent at Rs 5,354.13 crore as against Rs 5,884.25 crore, Bajaj Auto said in a statement.

Unit volume sales during the quarter were at 8,51,645 units as against 9,51,498 units in the year—ago period, down 10.49 per cent.

The Pune-based company’s domestic motorcycle sales in the third quarter stood at 5,13,029 units compared to 5,41,061 units in the same period last fiscal, down 5.18 per cent.

Bajaj Auto said total exports were down at 3,38,616 units in the third quarter as compared to 4,10,437 units in the corresponding period last year, down 17.49 per cent.

“External factors such as economic crises and constraints in availability of foreign currency, amongst others, continue to drag performance,” the company said.

Nigeria is yet to witness a market recovery, countries like Egypt are still plagued with availability of USD currency and devaluation while sales in Iran was disrupted on new vehicle related norms, it added.

Shares of Bajaj Auto were trading 1.93 per cent up at Rs 2,880 on the BSE.

Published on January 31, 2017
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